Launched in 2012, FXORO is a well established and experienced member of the FX/CFD industry. As such, it has thus far managed to build up an outstanding profile reputation-wise. Indeed, unlike most of the brokers we have reviewed, FXORO has drawn very few user complaints, and almost no scam allegations.
Trader feedback about this operator is generally lacking though, which is rather surprising given its age.
As mentioned in the title, FXORO is operated out of Cyprus. The company behind the brand is MCA Intelifunds Ltd and it is based at Petrou Tsirou 82, Mesa Geitonia, 3076, Limassol, Cyprus.
As a Cyprus investment firm, Intelifunds Ltd. is a member of the investor compensation scheme. It is also licensed by CySEC. Its license number is 126/10. As such, it is safe to conclude that the operation in indeed fully MiFID-compliant. Just to be certain that it is indeed on the good side of the law, the operation has been registered with a number of other national regulatory agencies within the EEA.
Such agencies are Germany’s BaFIN, Hungary’s MNB, Britain’s FCA, Italy’s CONSOB, and France’s AMF, among others.
The brokerage is not regulated in the US and it does not accept US traders.
What advantages does FXORO offer over its peers though, and why should you trade there in the first place?
Even though the homepage of the operation makes it clear that the broker does not offer investment advice, the site still features daily analysis, and even trading signals. In fact, they peddle this feature as one of their main selling points.
The client support offered by the operator is said to be excellent and the trading instruments that can be accessed are diverse and numerous as well.
A total of three basic account types are available at FXORO. The reason we’re saying “basic” is that every one of these account types has been made available in an Islamic version too, which is available to those who fulfill the requirements.
The three account types are the Fixed Spread accounts, the Variable Spread Accounts and the ECN Accounts.
With a Fixed Spread Account, the spread remains fixed at all times, thus eliminating market volatility as a risk factor from the trading equation. This setup comes at a cost though: the spreads on such accounts start from 2 pips. No additional commissions are charged on such accounts and the maximum available leverage is set to 1:400.
With a Floating Spread Account, the spread reflects the volatility of the market. Spreads on such accounts start from 1.2 pips, but they may in fact dip as low as 0.3 pips on some traded assets, depending on market conditions.
Floating spread accounts are not charged commissions and the maximum available leverage on them is set to 1:200.
The ECN Account is aimed at more advanced traders, who invest larger sums. Spreads on this account start from 0 pips, but a commission of $6 per lot is charged. The stop-out is at 50% and the maximum available leverage has been set to 1:100.
FXORO’s platform offer is entirely centered on MT4, and that’s OK. MT4 is without a doubt the best platform option available these days.
It features a superb charting package, with scores of drawing tools and chart types available. It offers an impressive number of preinstalled technical indicators and it supports EAs (Expert Advisors) which make auto-trading possible.
In addition to that, MT4 also features one-click trading straight off the charts, and it is all available in scores of different languages.
MT4 is a highly secure trading platform, which does not require massive computing resources.
In addition to the downloadable version of the platform – which can be grabbed for free straight off the FXORO website – the broker also offers a Web Trader -also MT4 – and mobile apps for iOS and Android devices. Even the Web Trader features more than 40 technical indicators.
FXORO accepts a relatively standard selection of deposit methods. These cover major credit cards, bank wire as well as a selection of eWallets, such as Skrill, Neteller, UCash and ecoPayz.
The markets covered by FXORO are a fairly standard bunch as well. More than 60 currency pairs are included, as well as scores of commodities, indices and stocks which can be traded through CFDs. No cryptocurrencies are currently supported.
The broker does not feature any day trading requirements or short selling rules.
FXORO support can be contacted through an email form available on the contact page, as well as through phone (there are Cyprus- and UK numbers available) and through email ([email protected]).
Given its regulatory background, FXORO can indeed be considered a safe destination for trader deposits.
While its overall offer is not much to write home about, FXORO’s reputation is a very attractive asset indeed.